Further easing KYC process: SBI
Says banks like SBI are well-versed in acquisition and financing
Mumbai: State Bank of India (SBI) Chairman CS Setty said on Wednesday that the bank is working on simplifying the Know Your Customer (KYC) and re-KYC processes to make them more user-friendly.
Speaking to reporters on the sidelines of Global Fintech Fest 2025, he added that SBI will work closely with regulators and the government to bring these changes.
“We are working on the simplification of KYC processes. Even if it means engaging with regulators and the government, we are taking the initiative from SBI’s side to make the entire KYC process easier,” Setty told reports.
“I think banks like SBI are well-versed in acquisition and financing,” he added.
He said the shift to an expected credit loss (ECL) based system of asset provisioning will not impact the balance sheets of banks, given the extended transition period given by the central bank.
“Technologically we are ready in terms of models and all, maybe some adjustments are required based on the final guidelines which have been ensured, but more importantly the long transition time which is given, we believe that there will be limited impact on the balance sheets of the banks,” he added.
